Updates, advisories and surprises

Asyst Tech delays filing 2005 10-K to complete reviews (4:46 PM ET) SAN FRANCISCO (MarketWatch) -- Asyst Technologies Inc.
ASYT
said after Monday's closing bell that it will delay filing its Form 10-K for the fiscal year 2005 as it continues to evaluate certain transactions at a joint venture in Japan, and as it completes its assessment of internal controls over financial reporting. Asyst said the filing was due June 14, and that it expects to file the report with the Securities and Exchange Commission by June 29. The Fremont, Calif.-based company believes that its 51%-owned joint venture, Asyst Shinko Inc., inaccurately recorded certain inter-company sales and costs with its subsidiaries during fiscal 2005.

F5 Networks CFO Coburn to resign; backs 3Q fin'l view (4:25 PM ET) SAN FRANCISCO (MarketWatch) -- F5 Networks
FFIV, -0.54%
said Monday after the closing bell that Chief Financial Officer Steve Coburn plans to resign in the fourth quarter. Coburn has worked at the Internet traffic management products company since 2001. F5 Networks said Coburn's decision was based on personal considerations and that he doesn't immediately plan to seek other employment. Seattle-based F5 Networks also reaffirmed its third-quarter earnings forecast of 33 cents to 34 cents a share on revenue of $70 million to $72 million.

Casey's General Stores 4Q net earnings jump (4:13 PM ET) SAN FRANCISCO (MarketWatch) -- Casey's General Stores Inc.
CASY, -3.26%
after Monday's closing bell reported fourth-quarter net earnings of $7.3 million, or 15 cents a share, compared with $838,000, or 2 cents a share, a year ago. Revenue rose to $728.1 million from $593.3 million last year. Analysts surveyed by Thomson First Call were expecting the Ankeny, Iowa-based retailer to post earnings of 13 cents a share on revenue of $681 million. Its board also approved 12.5% increase in its quarterly dividend to 4.5 cents a share, payable on Aug. 15 to shareholders of record as of Aug. 1.

Premium Standard Farms cuts IPO size (2:28 PM ET) NEW YORK (MarketWatch) -- Premium Standard Farms
PORK
on Monday cut the price and size of its expected initial public offernig as the pork producer attempted to entice investors. The IPO will consist of 9.84 million shares at $12.50-$13.50 a share, down from the earlier terms of 12.5 million shares at $15-$17 a share. Under the new terms, Premium Standard Farms will raise about $128 million, down from earlier estimated proceeds of $200 million. Selling shareholders in the deal include ContiGroup Companies, Inc., Putnam Affiliates, Morgan Stanley, Oaktree Capital Management and Prudential Funds. None of the shares in the IPO will be sold by the company itself, only insiders.

Morgan Stanley blames earnings miss on market condition (11:03 AM ET) NEW YORK (MarketWatch) -- Morgan Stanley
MWD, +0.00%
CEO Phil Purcell said internal acrimony over his job and defections at the bank aren't to blame for the company's earnings miss. "If you look at our results in terms of league tables, they are very, very strong first quarter and second quarter, and that was in spite of all the acrimony," Purcell said. "I don't believe our results have anything to do with our people being -- clearly they have been subjected to things that they should not have been, but they all stayed close to their clients and got the job done."

CORRECT: Finisar Q4 adj loss 5c vs 6c; revs up 31% (9:59 AM ET) SAN FRANCISCO (MarketWatch) -- Finisar Corp.,
FNSR, -1.07%
the Sunnyvale, Calif., producer of gigabit fiber-optic solutions for high-speed data networks, reported a wider fourth-quarter loss on 31% higher revenue. The loss was $36.5 million, or 14 cents a share, from $24.5 million, or 11 cents, in the year-earlier quarter. The current quarter includes a write-down of $10.5 million associated with minority investments in closely held companies. Excluding items, the losses were 5 cents a share against 6 cents. Revenue reached $74.9 million from $57 million. Finisar shares rose 8 cents, or 6.6%, to $1.30 on Thursday. (Corrects to make clear that the year-ago quarter included no impairment charges.)

21st Century Holding says Arlene won't hurt 2005 earns (9:25 AM ET) NEW YORK (MarketWatch) -- Insurer 21st Century Holding Co.
TCHC, +51.39%
said Tropical Storm Arlene caused minimal structural damage at the weekend and it does not expect claims resulting from the storm to impact 2005 earnings. In a statement, the Florida-based company said it still expects earnings of $2.75 to $2.80 for 2005. Shares ended Friday down 1% at $12.58.

Plains All American lifts earnings outlook (9:11 AM ET) NEW YORK (MarketWatch) - Plains All American Pipeline LP
PAA, -3.17%
on Monday raised its earnings outlook, lifting the midpoint for second quarter adjusted net income to $76.2 million, or $1.03 a share. The net figure for the year midpoint is now $2.89 share. The average analyst estimate from Thomson First Call was 63 cents a share for the second-quarter and $2.28 for the 2005. Shares of Plains rose 40 cents to $42.41.

SRA Int'l sees '06 earns, rev. higher than Street view (8:40 AM ET) LONDON (MarketWatch) -- SRA International Inc.
SRX, -2.01%
a provider of services to the federal government, said it expects 2006 earnings of $1.20 and $1.25 a share and revenue at between $1.1 billion and $1.14 billion. This is higher than current Thomson First Call analyst estimates of $1.04 billion in revenue and earnings of 97 cents a share. For fiscal 2005, earnings are seen at $1.00 to $1.01 a share and revenue at between $868 million and $873 million.

Measurement Specialties profit exceeds estimates (8:36 AM ET) NEW YORK (MarketWatch) -- Measurement Specialties Inc.
MSS
said Monday that fiscal fourth-quarter profit fell to $3.9 million, or 29 cents a share, from $15.2 million, or $1.19, a year ago. Income form continuing operations was 27 cents a share versus $1.07 in last year's fourth quarter. Sales for the three months ended March 31 rose to $40.6 million from $26.3 million a year ago. Analysts polled by Thomson First Call were looking for earnings, on average, of 23 cents a share on sales of $39 million. The Hampton, Va., sensor maker's shares closed up 3.1%, or 63 cents, at $20.98 Friday.

ViaSat wins $60M order for MIDS terminals (8:18 AM ET) LONDON (MarketWatch) -- Satellite and wireless communication provider ViaSat Inc.
VSAT, -1.85%
has won a $60 million delivery order for Multifunctional Information Distribution System (MIDS) terminals from the Space and Naval Warfare Systems Command. The MIDS LVT provides secure, high capacity, jam resistant, digital data and voice communications capability for the U.S. armed forces. Delivery of the Lot 6 units is expected to begin in April of next year and continue through the fourth quarter of ViaSat's fiscal 2007 year.

Morgan Stanley issues profit warning (8:14 AM ET) NEW YORK (MarketWatch) - Morgan Stanley
MWD, +0.00%
on Monday said it expects its fiscal second-quarter earnings to be approximately 15-20% below the year-ago figure of $1.10 a share. "The results were primarily driven by the weakened market conditions that the company had previously announced," Morgan Stanley said. "The company is still in the process of preparing second quarter financial statements and it is currently not anticipating a change in the Coleman litigation reserve." Morgan Stanley said it plans to hold a conference call later on Monday.

Warner Music 2Q swings to $4M profit (6:45 AM ET) LONDON (MarketWatch) -- Recently-listed media company Warner Music Group Corp.
WMG, +3.13%
said second-quarter net income swung to a profit of $4 million. Last year, the loss was $48 million. Revenue rose 4.4% to $767 million from $735 million, with Recorded Music and Music Publishing contributing to growth. Digital music revenues rose to $35 million from $25 million in the first quarter, and were larger than the $32 million achieved during the 2004 financial year.

Genesee & Wyoming N. American traffic up 6.5% in May (6:38 AM ET) LONDON (MarketWatch) -- Freight railroads operator Genesee & Wyoming Inc.
GWR, +2.06%
said North American traffic in May rose 6.5% to 56,919 carloads. Traffic for the second quarter to May increased 7.2% to 114,706 carloads.

Zara owner Inditex profit up 21%; flat 2Q sales start (2:51 AM ET) LONDON (MarketWatch) -- Zara department store owner Inditex SA(ES:014839601)said first-quarter net profit rose 20.6% to 124.6 million euros, with sales up 19% to 1.4 billion euros. Analysts polled by AFX News were expecting a net profit between 118 million and 125 million euros. It opened 90 stores in the first quarter, vs. 61 a year ago, and plans to open between 335 and 395 stores during the year compared to 322 a year ago. Gross margins rose to 55.7% from 54%. Comparable sales performance during the first six weeks of the second quarter were flat, it added.

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